our housing market was in trouble and our auto industry was sliding toward the abyss. in fact, in the months before president obama was sworn into office, we were shedding roughly 800,000 jobs a month, and our economy was shrinking at an 8.3% annual rate. there was real concern that the united states economy would not bounce back. but it did, thanks to the tenacity of the american people, the determination of the private sector, and the bold, decisive actions taken across government. right away the president moved to pull our economy out of the recession. he worked to put out the financial fires, stabilize the automakers, and jump start growth. in addition he pursued policies to fuel our economy into the future. that meant investing in education and infrastructure, fixing a health care system that was broken, creating new rules so our financial system works better for consumers, and investors, and locking in lower taxes for 98% of all americans.